Working to take GDP to $5 tn by 2022: Modi

NEW DELHI: The size of the Indian economy will double to $5 trillion by 2022 with manufacturing and agriculture contributing $1 trillion each, and the various states are competing with each other to help achieve this goal, Prime Minister Narendra Modi said on Thursday.

In his address at the foundation laying ceremony of the India International Convention and Expo Centre here, Modi said that towards achieving this target, the government is making all efforts to increase the share of exports to 40 percent of the country’s GDP.

“The country’s macroeconomic fundamentals are strong, and all efforts are being made by various agencies to increase the share of exports to 40 percent of the GDP,” he said.

“We plan to increase our GDP to $5 trillion by 2022 in which manufacturing and agriculture would contribute $1 trillion each.

“The states are also together in this endeavour and are competing with each other on the ease of doing business rankings,” he said. The high rate of India’s GDP growth in recent years had resulted in a massive employment generation, particularly in the IT, retail and toursim sectors, he added.

Referring to government’s proposal made on Tuesday of the merger of Dena Bank, Vijaya Bank and Bank of Baroda to create the country’s third largest banking entity, the Prime Minister said that his administration had brought in bank consolidation which was being debated over a long time.

“The need for having dozens of government-run banks was being debated for a long time but we have acted on it. This government will not shy away from taking tough decisions in the National interest,” he said, citing the rollout of the Goods and Services Tax (GST) among such measures taken by the government.